Behavioural economics

The 4 Take Away’s From Behavioural Economics

 

Something that I have always been interested in is why we do certain things, especially when it comes to trust online.

I wanted to understand the most relevant effects and behavioural influences, I reduced the long list down to the most relevant four:

  1. Anchoring BiasWe tend to rely too heavily on the first piece of information seen – for me this is ultra applicable to SEO, especially true when we are looking for a specific answer to a question.
    Google has recently changed their SERP’s (search engine result page’s) to answer commonly asked questions within the search results page. 

  2. Von Restorff Effectitems that stand out from their peers are more memorable – this is applicable to better marketing campaigns or really good content marketing campaigns. If we make our sites or content with the same look and feel as other competitors we will not stand out enough or influence our potential customers enough to pick you for that purchase or return to your site.

  3. Goal Gradient Effect – We purchase faster if the task is started for us – This is ultra relevant when you are looking to influence people’s purchasing habits. Have you ever clicked on a link to a product Amazon have emailed you or a holiday provider has sent you a great deal? Pretty sure we have all brought something or taken advantage of a link sent to us.
    I find goal gradient effect particularly relevant if used in good social media and email campaigns. This is also true when friends or family send idea’s or Pinterest boards to you. 

  4. Bandwagon Effect – We all follow friends and co workers if told about a product, service or a movement – for me personally I think this is the most applicable for everyone. We tend to trust our friends recommendations for restaurants, plumbers and local tradesman over trying to find someone ourselves.
    The best larger brand examples of bandwagon effect are: beats by Dre headphones, the latest smart phones (especially when people have copied their friends with Android devices or picking an Android tablet over an iPad) or converse trainers, these examples probably would not have been has popular as they were or are today. 

If you have any questions or want to let me if you have been influenced by any of these behaviours on a large purchase, please let me know in the comments below.

I have included 4 behavioural economics in my recent content marketing presentations happily check them out.

My Content Marketing Beliefs

Everyone has different opinions of content marketing, especially depending on your background and the discipline you come from.

What I wanted to do was to give you my content marketing beliefs:

content marketing beliefs

In slightly more depth

  • Great content works – it all depends on your timing and seeding.
  • Create content for “your” people – if you cannot create content for your core demographic your content is automatically to generic.
  • You have to understand local TV to understand content – local TV is the easiest and cheapest window into your customers lives, especially when they spend 60% of their free time in front of the TV, learn to understand it to make the best and most appealing content.
  • Culture matters – understand how culture matters locally – we all know location is key, but we often overlook how different countries can be culturally what works in one location potentially won’t work 20 miles up the road, its essential you research and appreciate your customers cultural differences.
  • Would your content pass the mum test? Your mum is usually your a part of your target audience (directly or indirectly) and the most challenged when it comes to online, if your content asset does not pass the mum test, likelihood is it will not pass your demographic test.
  • Can you explain your content in one tweet? Over 140 characters and its too long – this is key if you cannot sell your content in under 120 characters how will anyone else understand it and be able to re-sell it for you? Keep it accurate, short and sweet (and sharable of course)

 

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Steven Gerrard Instagram announcement

Breaking News & The New Use of Instagram

Breaking news has always been a huge and important part of our culture, breaking news first is crucial for news broadcasters however accurate the end story is or is not.

Change in times and platforms

In more recent times, we have seen a large number of platforms being used and leveraged to break news or announce news updates. Over the last five years we have seen Twitter used regularly to announce updates, we saw YouTube become a platform which celebrities would address issues and go on record (video) to be seen as transparent, what most people overlook is PR firms and celebrities deliberately use platforms like Twitter and YouTube so their message can be referenced and embedded so the message is one clear message.

The hand written letter making a come back?

Currently the best basketball player in the world LeBron James (alongside a Sports Illustrated writer) released a written letter offering insights into why he is returning to Cleveland Cavs, this was super smart as the written letter cannot be taken out of context, misquoted or edited as easily as video.

LeBron James letter

 

Steven Gerrard Instagram Retirement Announcement

Yesterday, Liverpool FC captain announced his retirement from international football, what was really interesting that he leveraged his newly formed Instagram audience to announce it and thank the staff and more importantly fans directly, it definitely shows you the true power of social media platforms, especially networks that many celebrities use a broadcast medium like Instagram.

Steven Gerrard Instagram announcement

 

Sponsors reacting quickly

Adidas (his sponsor) turned around a very quick campaign to thank Steven and incorporate their latest predator boot campaign, it highlights how brands use real time and their athletes as spring boards for news and social updates.

adidas steven gerrard predator facebook update

 

Whats next?

I predict many more personalities, sporting heroes and celebrities using Instagram as their go to place for announcements and updates, especially with a private person like Steven Gerrard using his Instagram account as his go to platform.

 

 

The full Steven Gerrard statement made on Instagram:

I would like to announce that after a 14 year @England career with many highs and lows, I have decided to retire from International Football as of today. I have loved every minute of my time wearing the famous white shirt and have been immensely proud to do so. At this time I would like to personally thank all the@England supporters, the current players, the ex players, all the Managers and coaching team and FA staff who I have worked with from the beginning to the end of my @England career and for helping me fulfil many boyhood dreams and aspirations. It just leaves me to say the very best of luck to Roy and the boys moving forward. #proud #emotionaltime #comeonengland 

 

Training Courses:

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Adidas Social Media World Cup Case Study

Adidas case study: What a brazuca, 6 months planning & hour to hour calendar can achieve for the Brazil World Cup

Adidas social media case study

I love insights and windows into real time and social media marketing hubs, especially when large companies such as adidas plan for global sporting events such as this years World Cup.

This Adage article includes:

  • A look at the 40 strong real-time marketing hub in Rio, watching the games on 3 TV screens
  • Adidas had screens following their (sponsored) top 100 searched for footballers
  • Adidas were looking to be the most talked about brand at the tournament
  • Its interesting hearing the campaign referred to as spread betting social, definitely makes sense looking into the multiple language, multi assets campaign
  • Adidas’ agency wearesocial gathered a bible of information, including a number of shots and information to use throughout the world cup, including 6 months of pre planned activity with hour by hour planner
  • Adidas tracked traffic to store visits and sales and will continue after the world cup.
  • Adidas crowdsourced the name (pre world cup) for this years world cup football named Brazuca, adding a genius twitter account to support its marketing efforts
  • After the first goals in the tournament, adidas had numerous assets available and had the ability to pick the top three assets to push out, including vine videos, images to share across Twitter and Facebook and video for YouTube
  • Adidas mention how their YouTube channel has doubled in size since the beginning of the tournament, it is definitely a hint in what area adidas are probably going into (other sports giants have suggested how they are looking at real time marketing and becoming a direct marketing outlet themselves especially through using rich media).

With all of this and props to the agency I can definitely say adidas were allinornothing and despite being an official sponsor it did not hold adidas back with a holistic marketing campaign to engage with global fans and push awareness and sales.

Socialbakers offer an interesting look at sponsors at the event and highlights adidas growth as second to Sony –

Let’s see how the post tournament numbers look, so far adidas has reported really impressive numbers. I am pretty sure the German sports giant is also pretty pleased with its home nation winning the World Cup and having the ability to double market their successes.

Nielsen have today released impressive stats that 70% of tweets about adidas are actually connected to the World Cup, showing how well the brand and tournament have been associated and how on point adidas have really been.

Well done adidas, you are definitely raising the standards for us to aspire to.

What part of the sales funnel is your content and content marketing

I was recently invited to speak at a Forwardww (a content specialist WPP sister agency).

I was asked to concentrate and talk from an SEO point of view on the sales funnel and how to leverage content marketing.
The event had some good speakers covering many subjects including leveraging big data, how content marketing is playing a large part of Amex holidays growth and what take aways can we use from print media.
As SEO is essential part of successful holistic marketing campaign, I wanted to break the presentation down into digestible chunks and help people think where their latest content marketing efforts are and could potentially go in the near future.

 

Here are a few notes for you to think about while going through the deck.

Content Marketing

In content marketing we are all fighting for attention and it is important to understand this when creating compelling content.

What is content currently being used and know for:
Phase 1: Awareness
Phase 2: Branding & marketing
Phase 3: Advertising
Phase 4: User sign ups, sales, re-purchasing

 

There are 3 types of content marketing

1. Brand led – All these activities push customers to their site or act as remember when in store.
2. Content Marketing to help SEO – All of this type of activities push consumers & press to discuss and link to campaigns
3. Optimised Content Marketing (SEO) – discipline to make the consumer happy, educate them and help them with their decision or purchase process.

SEO is:

SEO is far more than the expensive department.
SEO done right now is about user experiences

This is what people think SEO is:
People think SEO as

But SEO really is:
SEO in content marketing is
All of these points are about answering the consumers question(s), helping decisions and making the right purchase, by leveraging content marketing SEO can be more engaging and help users far more than just sending visitors to dull or typical landing pages.

The Content Marketing Funnel

Introducing the content marketing funnel and what channels work the best and where.

The content marketing sales funnel

Lastly its important, I think it is important for people to remember what we can understand from behavioural economics.

The SEO edition of behavioural economics

Now with all this in mind, a couple of questions for you:

  • Do you know where your content marketing sits and what discipline works where?
  • Do you think your SEO is answering enough questions and help your users? Could it be doing more?